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Credit Report

What Is It?

A credit report is a detailed record of your credit history and current credit status. It includes information about your borrowing and repayment activities.

Key Components of a Credit Report

1. Personal Information

  1. Your name, address, Social Security number, date of birth, and employment details.
  2. This section helps identify you and confirm your credit history.

2. Credit Accounts

  1. Details about your credit accounts, including credit cards, mortgages, and other loans.
  2. Each account will include the lender’s name, type of account, date opened, credit limit or loan amount, payment history, and current balance.

3. Payment History

  1. A record of your payment behavior, indicating if payments are made on time, late, or missed altogether.
  2. Late payments can negatively affect your credit score.

 

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Retirement Planning

Save Now

Saving for retirement is often put on the back burner, as people focus on more immediate financial needs and desires. While it may be tempting to spend money on things we want now, the future is unpredictable, and saving for retirement can help provide a safety net for when we no longer have a steady income.

Here are a few reasons to start saving for retirement as early as you can:

The power of compounding interest
Start saving as early as you can to take advantage of compounding interest, which allows your money to grow exponentially over time. For example, if you start saving $100 a month at age 25 and continue to do so until you retire at age 65, you could have over $330,000 saved up, assuming a 7% annual return rate. On the other hand, if you wait until age 35 to start saving, you would only have around $150,000 saved up by age 65, even if you save the same amount each month.

 

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Rising Food Prices

How to Navigate

In recent months, the rise in food prices has become a significant concern for consumers everywhere. Inflationary pressures, supply chain disruptions, and fluctuating commodity prices have contributed to an increased cost of groceries, putting a strain on household budgets. As consumers navigate this challenging landscape, it’s important to develop strategies to manage food costs while still enjoying healthy and satisfying meals.

The Causes of Rising Food Prices

  • Inflation: General inflation has been affecting many sectors, including food. As the cost of production rises, these expenses often transfer to consumers. ​​​​​​​
  • Supply Chain Issues: The pandemic and geopolitical events have disrupted supply chains, making it harder for food producers to deliver products efficiently.

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